Alexandria Real Estate price target lowered to $76 from $104 at Wedbush

Wedbush lowered the firm’s price target on Alexandria Real Estate (ARE) to $76 from $104 and keeps a Neutral rating on the shares. The firm says that modestly reduced FFO guidance tied to a still very challenged macro and political market for life science was the overriding theme of the Q1 call. Underlying that is lower capitalized interest as Alexandria Real Estate re-assesses some development projects before going vertical, and progress on asset sales to help fund $2.4B of remaining cost to complete on the development program. Layer on near-term uncertain about the overall economy, and Wedbush thinks a very cheap stock stays cheap for the foreseeable future.